Accountancy Forum

hello all,
i work in a small consultancy firm of less than 60 employees. i wanted to setup a provident or a gratuity scheme for my staff.
any ideas on how i should proceed?
do i need professional help to deal with the legalitiess of setting this up or is it something i can do on my own?

ask ur legal advisor bcz u need assiistance of releated person of this field who knows legal complication of establishment of fund

Dear Wasays,

There is no difficulty at all in setting up a provident fund, however, it depends on whether you would like to register provident fund from FBR or not, since it is obligatory and not mandatory to get it recognized.

Before, going into further detail, i would ask you to kindly inform whether or not you are more concerned with recognition of provident fund or merely setting up a provident fund will be sufficient?

I would further ask you to kindly go through page number 409-412 of ITO 2001( you may download the same from FBR's website), for the detail.

Rest of the matters will be explained to you, when you bounce back.

Best Regards,

Faisal.